U.S. Energy reports Q3 EPS (8c) vs. (35c) last year

Reports Q3 revenue $5M vs. $8.7M last year. During the third quarter of 2024, the Company produced 105,699 Boe, or an average of 1,149 Boe/d. The Company’s South Texas divestiture represented approximately 100 Boe/d production. “We are very pleased with the substantial progress U.S. Energy (USEG) made in the third quarter of 2024, driving forward our strategic priorities,” said Ryan Smith, Chief Executive Officer of U.S. Energy. “Our recent acquisition of industrial gas assets in Montana and the successful launch of drilling and development on these sites are pivotal achievements for our growth strategy. These early results not only strengthen and diversify our portfolio but also signal the beginning of a strategic plan to harness the vast resource potential in a region where U.S. Energy has a deep-rooted presence. Additionally, our efforts to divest non-core, legacy assets E&P remain on track. With the successful monetization of our South Texas assets and, after the quarter’s close, our Kansas assets, we are not only pulling forward meaningful value but enhancing our financial flexibility. These actions reinforce our commitment to maintaining a strong, conservative balance sheet while redirecting capital into Montana, a high-return, scalable opportunity that aligns with our long-term vision. As we move ahead, our industrial gas focus remains on maximizing resource development and operational efficiency within our asset base. We are committed to executing our strategic initiatives with capital discipline and operational agility, positioning U.S. Energy to capitalize on the significant opportunities ahead.”